But in late January those beliefs changed when I submitted my application to begin working at the Bureau of Engraving and Printing in Southwest Washington, DC. In the upcoming days I was to learn some information about one of the most influential and necessary divisions in all of the Department of Treasury, not to mention in the entire government alone. In this paper, I will share with you some of the facts that you may not have know about the BEP, and hopefully draw your attention to one of the most interesting branches of business throughout the country.
History of Paper Money.
The first paper currency was introduced to society by the Tang dynasty (618-907) in China. Called "Flying Money- because the money, being paper, was easily swept of blown around by the wind, the currency was used as receipts for goods delivered by merchants. Kwan Notes, the later name for flying money, referred to the denominational value: one kwan = 1000 wen (cash), were the product of continually grinding of mulberry tree bark into a paper product available for trade. Kwan notes were more widely used during the years of the Ming dynasty (1368-1644). The counterfeiting of the Kwan was punishable as a capital offense. .
In 1661, paper money was first introduced in Western Europe through Kreditivsedlar, or Credit Notes, which were the products of early Swedish bankers. Through the great outburst of European prosperity, beginning in the 14th century, power for a few influential-banking families was created. Through this power, the Kreditivsedlar became widespread and was used to function as money. The Stockholm banco was the first to issue these notes which carried eight signatures and were watermarked to prevent counterfeiting.
In 1775, the American colonies began to use forms of paper money. The time period was during the American Revolution, and coins were being hoarded to the point where they became a scarcity.
Katherine Davalos Ortega Treasurer of the United States Katherine Ortega was born on July 16, 1934 into a family of 9 other children, and had a strong emphasis on education. So it was no surprised that she graduated from high school with high honors and flying colors. She was very well...
